Canopy Growth (TSX:CGC) has announced the acquisition of Vert Médical, a Quebec-based ACMPR applicant.
As quoted in the press release:
Canopy Growth has also acquired the lease and the right to acquire 90 acres of land and a 7,000 square foot indoor growing and office facility located in Saint-Lucien, Quebec. The Canopy Growth team will apply its documented and compliant standard operating procedures to pursue completion of the ACMPR license application.
“We have spent the last few months assessing the market for potential acquisitions and Vert is one of a select few that stood up to our financial and business evaluation,” said Bruce Linton, Chairman & CEO, Canopy Growth. “Expanding the medical cannabis market in Quebec is a key objective for our business and the acquisition of Vert gives us an exceptional platform upon which to meet the needs of the market in Quebec.”
Canopy Growth’s subsidiaries are already leaders in the Quebec market, accounting for approximately 30% of medical cannabis shipments made to registered patients in Quebec. In addition, the Corporation, through its subsidiaries, has made key investments in the province including funding for the Quebec Cannabis Registry, which gathers information on the demographic profiles of patients who use medical cannabis, the medical purpose for which they use it, and at what dosage, while tracking the effectiveness and safety of cannabis used in the management of symptoms associated with particular health conditions. Cementing its commitment to the Quebec market, Tweed also recently hired as its Head of Quebec Engagement, Adam Greenblatt, a pioneer in the cannabis community in the province and a co-founder of Santé Cannabis, the province’s first and largest cannabinoid clinic. The acquisition of a platform and team dedicated to the distinct Quebec market is the Company’s natural progression to serving this important market.